Intesa Sanpaolo finalizes acquisition of First Bank in Romania
Intesa Sanpaolo has successfully completed the acquisition of Romanian First Bank from the US-based private investment fund J.C. Flowers & Co., after having obtained all the necessary approvals from regulatory authorities.
The acquisition enables Intesa Sanpaolo to more than double its presence in Romania – where it is already active through Intesa Sanpaolo Bank Romania – and bolsters the Group’s competitive positioning in the local market, making it one of the top 10 banks in the country.
“Strengthening our presence in Romania will boost Italian and foreign investments in the country, enhance trade, and support the internationalisation of SMEs. Our growth will stimulate innovation in the sector, benefiting households and businesses”.
Marco Elio Rottigni, Chief of the International Subsidiary Banks Division
Households and businesses in Romania will benefit an expanded offering of high-quality financial services, including daily banking, financing, insurance and protection products, and investment and advisory services. SMEs will benefit from support to international expansion and specialized advice for ESG transitions of businesses.
Moreover, as Italy’s leading banking group, Intesa Sanpaolo is uniquely positioned to foster stronger business ties and synergies between Italy and Romania – a country that is home to many Italian companies that play a leading role in key industrial sectors.
By joining forces, Intesa Sanpaolo Bank Romania and First Bank bring together total assets of about €3.2 billion, serve around 143,000 customers, and employ over 1,500 people.
First Bank is now part of Intesa Sanpaolo’s International Subsidiary Banks Division, a key player in the Central & Eastern European region, that operates retail banks in 12 countries (CEE area and Egypt). This extensive network currently serves 7.2 million customers, through close to 900 branches and a dedicated workforce of about 21,000 employees.
Last updated 31 May 2024 at 15:15:22
